Market Update

With winter coming to an end, we thought it would be a great opportunity to see where the local real estate market sits heading into spring by looking at sales and listing data provided by WECAR.

So far through February, we are noticing somewhat of a shift to a sellers market in Leamington.  There were 28 new listings for the month compared to 46 during the same period in 2014.  At the same time there were 33 sales compared to only 15 in 2014. Homes that sat idle for extended periods of time have been selling while new inventory has not been added to replace them.  In February, the average price for a home in Leamington was $168,743 vs $149,743 in 2014 – an increase of almost 18% on more than twice the number of sales.  A Sales/Listing Ratio of 118% places Leamington in stark contrast to other Essex County municipalities whose S/L Ratio typically hovers between 50-60%.  The county average was 57%.  Clearly the cold weather has not been a deterrent to buyers in Leamington.

1120 Mersea Rd 1 SOLD

The town of Kingsville saw a greater sense of balance.  There were 18 newly listed homes and 14 sales with an average sale price of $202,750 this past February.  By comparison in 2014 there were 16 sales and 25 listings at an average sale price of $226,375.  A S/L Ratio of 78% is still fairly high compared to the rest of the county.

What these numbers show is that buyers in the area are very active, motivated perhaps by the recent interest rate cuts and a potential increase on the horizon.  If you had any interest in selling, the current climate represents a great opportunity to fill a hole in the market as demand creeps up with new inventory needed to fill the void. As warmer weather approaches, now might be the perfect time to start planning your next move.  Contact Us today to see how we can help it happen for you!

1363 Heritage

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